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BOSTON (CBS) – Ever since congress passed legislation cracking down on overdraft fees, many banks have come up with all kinds of new fees to make up for that lost revenue.

“The money is racking up, so it’s getting frustrating,” one customer told us on his way into a bank in Brighton Center.

It is about to get a lot more frustrating for anyone who has a mortgage with Bank of America. Starting on February 14th, if you don’t have a Bank of America checking account you are going to have less time to pay your mortgage without getting a late fee.

“They are trying to condense that 15-day grace period down to more like nine days,” explained Babson College Business Professor Glen Kelley.

WBZ-TV’s Paula Ebben reports.

So here’s the bottom line: If you have a Bank of America mortgage and you pay with your Bank of America checking account, there is no change in your 15-day grace period. But if your checking account is with another bank, you’ll only have a nine day grace period. If you pay in that last 6 days of the grace period, you get hit with a $6 fee.

“This is a situation to encourage people to bank with Bank of America,” Kelley said. Experts believe if this strategy works out well for Bank of America, other banks will likely follow suit. And that, according to Kelley will make it tricky for consumers. “A lot of mortgages are sold from bank to bank and from company to company. Does that mean the customer is going to have to open a new checking account with whatever bank the mortgage is sold to,” he said.